As entrepreneurs, we know that great time management plays a crucial role in how much we actually accomplish each day.
And while there isn’t a single system that works for everyone, I have a few time management tips that will skyrocket your business if you choose to implement them!
Time Management Tip # 1: Find Your Focus
Time management is really more about focus management – if you don’t tell your time where to go… it’s going to go somewhere!
And probably not where you intended.
In today’s world it’s easy to get caught up in that “million tab mindset” where you’ve got all these different things you’re “working” on, but you never seem to accomplish what’s truly important.
Whether it’s scrolling through your Facebook, watching cute puppy videos or putting together your dream home on Pinterest… getting distracted by unimportant tasks is easy.
That’s why it’s more important than ever to be intentional with our time.
But of course the next question is… how do I know what to focus on?
While this answer can change as you grow into different stages of your business, there are a few rules of time management that have helped me keep my own schedule on track these last 11 years!
Remember… anyone can be busy, but it takes great habits to be truly productive.
And those habits won’t build themselves. If you fail to plan, you plan to fail!
Time Management Tip #2: Be Mindful of Pareto’s Principle (The 80/20 Rule)
When it comes to time management and making the most impact with limited time, the 80/20 rule, which is also known as Pareto’s Principle, is something every entrepreneur needs to know.
The 80/20 rule simply states that 80% of your results will come from 20% of your efforts.
In other words…
80% of your growth comes from 20% of your team
80% of your sales come from 20% of the spenders
Can you look at your own team or organization and identify a few key people who are responsible for the majority of your growth? I know I can!
It doesn’t mean you don’t work with someone just because they don’t recruit as much as another leader or that you don’t recognize the customers who don’t order as much… it simply means that you spend the majority of your time with the people who show up and produce the most results.
I truly believe that when you lead out loud and recognize the people working on the right things… the results will speak for themselves.
Once you’ve identified the right behavior within your business and team, you can start implementing the next time management tip!
Time Management Tip #3: Implement The Rule of the 3 Rs:
If it doesn’t build recognition, retention or revenue… it’s not something you should be spending time on.
How Can I Help Build Recognition?
Recognition is such an important piece of the work we do.
People will work hard for money, but they will die for recognition!
At the end of the day, we are in business for ourselves, but not by ourselves… and I truly believe that people stick around for so much more than a paycheck.
People love being part of a community that truly cares. And what better way to show we care than to recognize the people who are exemplifying the right behavior?
Here are some of my favorite ways to build recognition within our teams:
Shoutouts: Social media has really changed the game for our industry and we have taken advantage of “team pages” through Facebook groups for many years now.
We love to give “shoutouts” and recognize people within our team pages and on our personal pages as well. Whether we are recognizing someone for getting to an event, for sharing an awesome tip, or just for doing a great job building their business… this is an easy and effective way to give someone that public recognition!
Personal Messages: Being able to connect and communicate through social media is invaluable, but it IS less personal. I love giving someone a call just to tell them how amazing they are. Even a voice text or message has that extra something special.
Handwritten Cards or Small Gifts: When is the last time you received a handwritten card or note? It’s so inexpensive, but such a great way to show someone you care.
Give Them a Stage: What better way to showcase someone’s unique talents than to give them a platform to share them? I love recognizing and edifying my leaders by asking them to share what they’re good at.
Whether it’s asking them to do a team training on a subject they excel at or asking for their help on an important project, it raises their belief and confidence just to be asked!
How Can I Help Build Retention?
Great retention leads to greater residual income! And typically, if you are a home-based business owner, there are two main groups that you need to build retention in: your teammates and your customers.
Here are some of my favorite ways to build retention within your team and with your customers:
Team Retention: There are tons of ways to build retention and some will be more important at different stages. In the beginning, great training and frequent communication are crucial. If you can help your teammates experience success right away, they are going to have more belief and confidence to propel them forward.
As time goes on, sometimes you have to get outside of “doing business” with your team and start doing LIFE with them! Having lunch, having coffee, scheduling family-friendly events, and just building those real, authentic relationships will do so much more for retention than anything else.
Customer Retention: There are so many ways we can take care of our customers to keep them feeling appreciated! Sending handwritten thank you cards when they sign up, sending free samples and catalogs as a token of appreciation, and sending words of encouragement to help them with their goals.
It’s great to check-in and see how they like the products, but it’s also important to check in and see how they’re doing in general! Ask questions, show interest, and be a friend! This is absolutely a relationship business and retention comes naturally when there is a great relationship.
How Can I Help Build Revenue?
You can build revenue by consistently spending time on income-producing activities. These are the activities that ultimately result in new business: signing up new customers, helping existing customers order additional products/services, signing up new teammates, or helping your new teammates generate more business.
There are so many different income-producing activities that lead us to new business, so we won’t dive into that too much here because we’ll touch on lead generation (a big piece to new revenue!) in the next section!
Time Management Tip #4: The Rule of ⅓ ⅓ ⅓
⅓ of your time should be spend on generating new leads, reaching out & following up
What does this look like? Adding to your network DAILY through expos, local events, parties, referrals, networking events, Facebook, Instagram, Pinterest, etc. and following up consistently until you close the deal!
How Do I Generate New Leads?
- Meetup.com: This is an awesome resource that you can use to find new groups of like-minded people in your area… there is a group for pretty much everything! Hiking, yoga, your breed of dog, book clubs, wine clubs, cooking clubs, knitting and crocheting, outdoor activities, happy hour meetups, etc.
- Get in touch with your local chamber of commerce and get connected to local community events and local small business owners in your area… some of the best events are the small, community events that cost little or nothing to get a table at, but you meet all the families and people in your local area!
- Ask your friends, family, and most loyal customers for referrals! Word of mouth referrals are one of the best ways to get new business because there is already an established trust between friends.
- PARTIES! Never leave a party without booking another one… booking one party after another will lead to momentum and huge growth in your business.
- Add new friends on Facebook DAILY! Add friends from former jobs, college, high school (get out those yearbooks), mutual friends, and make it a goal to add someone on Facebook every time you meet someone new in person.
- Join new Facebook groups and build relationships by asking questions, commenting, offering advice and just being YOU! As you build relationships, add them as friends! Find groups that are unique to you and your interests/lifestyle rather than joining broad groups like weight loss that are flooded with other network marketers.
- Use hashtags and locations on Instagram to find new like-minded friends… checking out the pictures tagged at the local pumpkin patch to find other moms, checking out the tags at the local college to find college students are just a few ideas to get you started!
What is something you’ve always wanted to do or learn that you can use to build your network? There was a time in my business when I really wanted to play volleyball, but I didn’t want to “take away” from my business.
Then I realized that I could join a team as a way to BUILD my business by making some new friends in a new network! I had a ton of fun, met new friends, and ultimately built my network in the process!
⅓ of your time should be spent on supporting and training your team
If you don’t have a team yet, invest this time into generating new and follow up. If you DO have a team, focus your team training time around the 3 Rs.
If it doesn’t build recognition, retention or revenue, it’s not something you need to spend a lot of time training on.
As leaders, it’s so important to lead out loud and set an example for our team because your team will do what you show them… now what you tell them.
If they see you taking action on your business, they are going to be more focused on duplicating that action.
Remember… you set the pace of the pack! Leading out loud means leading from the front and demonstrating that action and belief to your team everyday.
⅓ of your time should be spent on personal development
I love what Tony Robbins says about becoming successful with any business… it’s 20% mechanics and 80% mindset. If you know the mechanics to promote to one rank in your business, you know the mechanics to promote to ANY rank in your company.
But you don’t get to the top rank in your company without a LOT of personal development in the process.
It’s such an important piece to the puzzle and unfortunately it can be the first thing people “cut” out of their day when they feel busy or pressured to get a lot done, when in fact, it’s really the first thing you should do to start any day.
That quiet time to talk to God, meditate, visualize, read, journal, exercise, or whatever it is you do to help get your mind and emotions right before you begin the day.
I can tell you from experience how much this will impact EVERYTHING else….
Personal development is a piece you just can’t miss. There’s no excuse.
Between books, audiobooks, podcasts, and youtube videos… you can really find anything you’re looking for and take it with you anywhere on your phone.
I love carving out that time in the morning, but there are so many other ways to fit it in.
How easy is it to download a few audiobooks or podcasts onto your phone to listen to while you’re getting ready in the morning, on the way to and from work, while you’re running errands and taking the kids to their practice, doing the dishes, or folding laundry.
I really recommend an hour a day, but it’s so crucial to get in at LEAST 15 minutes everyday.
Some of my favorite time management tips and techniques have come from books I’ve read, podcasts I’ve listened to and videos I’ve watched… I know that as a leader, it is my job to continue learning and growing everyday!
Time Management Tip #5: Say no to the good, so you can say yes to the great!
If you’ve ever hit a huge goal, you know that it doesn’t happen by chance… it happens by choice. It happens when your daily choices are aligned with the bigger picture you have for your life.
I’m not sure who originally said it, but I’ve always loved this quote…
“Entrepreneurs spend a few years of their life like most people won’t so they can live the rest of their lives like most people can’t.”
It’s so true. What are you willing to do today to get you closer to the lifestyle you’ve always wanted?
I know that I’ve had to say no to some good things… heck, even some GREAT things, so that I could say yes to a LEGENDARY life.
This is what I pray for all of you! I pray that you have the courage to live out your calling and that you have the discipline to recognize when something good is holding you back from something great.
Remember… you can do ANYTHING, but you can’t do EVERYTHING!
P.s.- If anything in this post stood out to you, I’d love to hear your a-ha moments in the comments! And if you found value, please feel free to share… I appreciate you!